India may move cautiously to cut interest rates on retail deposits - FM

New Delhi: India will have to move cautiously on revising down interest rates on retail deposits, Finance Minister Arun Jaitley said on Friday, as it could hurt vulnerable sections like retired employees.

The finance ministry had agreed to cut interest rates offered to millions of savers in about $137 billion federal deposit schemes, following a larger-than-expected rate cut of 50 basis points by the central bank in September.

However, the decision has yet to be implemented.